Singapore blockchain firm imToken secures $30m Series B led by Qiming Venture Partners

Photo: Hitesh Choudhary/Unsplash

imToken, a blockchain technology company and crypto wallet headquartered in Singapore, announced on Wednesday the completion of a $30 million Series B financing led by Qiming Venture Partners.

Other investors participating in the round included its lead Series A investor IDG Capital and new investors including Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ, and co-founder of Fosun International, Liang Xinjun.

With this investment, imToken intends to accelerate the development of its next iteration, imToken 3.0, and achieve its long-term goal of making blockchain accessible to the masses, the company said in a statement. 

With imToken 3.0, the company intends to improve the way users interact with blockchain services by implementing keyless accounts, account recovery, and other features that enable users to easily and securely access a variety of blockchain networks and applications.

“Beginning with our inception five years ago, we recognised the huge potential of blockchain technology as well as the challenges faced by the industry with regards to a need for improved user experiences, secure key management and scalable network,” imToken founder and CEO He Bin said. “With our investors’ support, we are well positioned to tackle these challenges and grow our platform beyond our wallets – bringing our trademark focus on ease-of-use to a wide range of decentralised services with a goal of serving over 100 million users in the next five years.”

Beyond its free non-custodial wallets, imToken also plans to provide secure and convenient access to a suite of decentralised finance (DeFi) services in imToken 3.0.

The company’s goal is to further lower the entry barrier for cryptocurrency newcomers by building up a robust ecosystem of interconnected products that make a wide range of blockchain services more available and easier to manage, it said. 

In addition, the newly-raised capital will be invested in building a research arm called imToken Labs, with the goal of further exploring and applying advanced blockchain technology in imToken’s products and services.

It will also be used to bolster imToken’s recruiting efforts in the areas of research, marketing, and operations, and to establish more offices globally.

imToken was founded in 2016 to address a lack of user-friendly entry points to the cryptocurrency space. It is a decentralised digital wallet used to manage and safeguard a wide range of blockchain- and token-based assets, identities, and data.

Lead investor Qiming Venture Partners is a Chinese venture capital firm founded in 2006 with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages nine US Dollar funds and six renminbi funds with $5.9 billion in assets under management. 

Breyer Capital is a venture capital firm based in Menlo Park, California, and Austin, Texas. Jim Breyer, Breyer Capital’s founder-CEO, is an early investor in over 40 technology companies that have completed public offerings or mergers including Facebook, Etsy, and Spotify.

Breyer Capital has been investing in blockchain and cryptocurrency since leading Circle’s Series A round in 2013.

Founded in 1992, IDG Capital is an investment firm with over $20 billion in assets under management, focused on developing extraordinary companies through expertise in private equity and venture capital, as well as real estate. IDG Capital is the first firm to bring foreign venture capital into China.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.